Jewish Charity Organisation Embroiled In A.m.f. Inside Trading Investigation (update)

By Brian Cullingworth, Last updated Sep 16, 2016

Cdn$87,000 in small bills found in found in rabbi's car

The Canadian Jewish News and other related media are reporting the startling news that a Jewish charity organisation may be embroiled in the Autorité des marchés financiers (AMF) investigation into insider trading allegations against former Amaya CEO David Baazov and other associated persons.
The reports quote from documents filed by the AMF disclosing that its officials had seized Cdn$87,000 in cash in a raid of the Centre Chabad, listed at a Montreal address, on June 20 this year.
The documents apparently raise a suspicion that the money was being laundered through the centre by individuals targeted in the Amaya investigation.
The AMF revealed that the raid was undertaken to examine the Chabad centre's banking records and communications between its employees and those connected to the Amaya investigation or Baazov, according to the Jewish News.
"The AMF discovered the money was donated to Centre Chabad, a charitable organization, by a former Amaya consultant, and suspects that it was gained through the alleged insider trading and kickback scheme," CJN reports.
The consultant is one of those reportedly under investigation.
Officials visiting the Centre Chabad reported that they searched the car of the centre's director, a rabbi, during the execution of a search warrant, and found Cdn$87,000 in $20 bills.
Legal representatives for the centre claim that the money came from voluntary donations made to the retreat or raised through a gala and the sale of Hilloula candles, and that the AMF action in seizing the cash was illegal because the search warrant applied only to the Centre itself, and there is in any case no evidence linking the money to any illegal activity

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Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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